Two-thirds of family-owned businesses around the world have seen their
sales grow in the past year and expect an even more ambitious trend over the
next five years, a PwC survey says.
But the recruitment of skilled
staff and the perennial problem of planning for succession will remain key
challenges facing family businesses over the long term despite the buoyant
prospects.
Sira Intarakumthornchai, CEO of
PwC Thailand, said Thai family businesses need to be more proactive and put in
place proper succession planning.
"Despite the economic
slowdown, family businesses are thriving worldwide," he said.
In Thailand, family businesses
have played a key role in driving the economy for decades. It's a
"resilient" model for the 21st century as its structure offers
significant advantages and benefits, he added. In order to keep their companies
thriving and relevant, family businesses need to transform themselves and
quickly acknowledge the traits essential for them to succeed.
They should be willing to
reinvent themselves, not automatically appointing relatives to employment. They
should have a focus on succession and openness to seeking outside help.
"Without these steps, family
businesses stand to lose out on the benefits to be had from the forthcoming
launch of the Asean Economic Community (AEC) in 2016," said Mr Sira.
Asean countries are embarking on
a framework to strengthen their political and security affairs, social and
cultural ties, as well as the regional economy.
The Asean Free Trade Area (Afta)
started the region's economic development, followed by the Asean Framework
Agreement on Services and the Asean Investment Area, all leading toward the AEC
which is to allow easier and freer mobility in five areas: investment,
services, goods, skilled labour and capital.
PwC annually publishes a global
Family Business Survey, covering almost 2,000 family business executives in
over 30 countries from both developed and emerging markets, representing
sectors from manufacturing to retail, automotive to construction.
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